Someone is trying to manipulate the market (Mt.Gox) and are successful...

[fastandfurious]

...at doing so. People are losing big because of this.

There is someone/group that are playing a unfair game at manipulating the Mt.Gox exchange. They/him have at least 30 000 bitcoins worth of fiat/BTC that they move around in by putting up big walls, removing them. Try to make people panic selling and panic buying. Because bitcoin isn't regulated in any way this is the wild west of trading, no one seems to care, because we know that Mt.Gox knows exactly who this person/group is. The evidence is easy to collect, when like 10 000 -15 000 bitcoin walls are removed in a second (many many times over), it is overwhelming evidence that someone is playing a unfair game (if you are not prepared).

In this condition, I recommend people that can't trade to stay out of trading. Just buy and hold, or put buy orders at low levels and let him/the group manipulate without us participating.

Also, we should ask Mt.Gox who this is. Because this has been going on for a very long time, more than a month? There are some people on this board that have tried to follow all the tactics of this person/group. Any information is good.

[bulanula]

Maybe this is mtgox itself ?? or satoshi ? or mark karpeles ? or tycho deepbit owner ? or artforz ? or maybe they are all the same person ?

[Phinnaeus Gage]

I've noticed it also but didn't/don't know how significant this is/was. Perhaps others on this board may shed some light on the subject.

[NamelessOne]

Right now, that wall really is a giant 17000btc middle finger to the entire community. It even looks like it on the market depth chart on MtGox. A massive 'you shall not pass' wall of stop.  MtGox really should ban this type of blatant crap (unless of course they don't want to because they are involved.) The person may very well be benevolent, attempting to attain as much $5-6 range BTC as possible while also letting everyone else, but people don't want to trade in such an easily manipulated market. It isn't good for BTC as a whole.

Anyone that argues that 'no manipulator exists' is being silly. This is a person with enough money to alter the market it doesn't matter what you call them. They put these walls up and down instantly. And anyone with that amount of money isn't stupid enough to think that they can actually sell 17000btc as a wall.

[rezin777]

Was another thread necessary?

How is it unfair? Were you forced to buy or sell your Bitcoins?

Would you like it if MtGox released personal information about you?

Instead of working up a hissy fit over it, how about you out trade "The Manipulator" and beat him at his own game? 

[the joint]

Easy and SAFE way to profit:

1.)  Consistently monitor market price at whatever exchange you are on and at mt. gox.
2.)  Go all in at somewhere between 50 cents to $1 under current price.
3.)  Place these bids at psychological barriers + a couple cents (e.g. $5.02, $5.52, $6.02, etc.)
4.)  Wait for someone to dump.
5.)  Watch it pump.
6.)  Now you dump  

Never failed me once.

[fastandfurious]

Was another thread necessary?

How is it unfair? Were you forced to buy or sell your Bitcoins?

Would you like it if MtGox released personal information about you?

Instead of working up a hissy fit over it, how about you out trade "The Manipulator" and beat him at his own game?  

If you want to trade this market you should know that 1. Mt.Gox is allowing this kind of act, because anyone can see it happening. Because of this no one cares, in the long run I don't think this is good. But this is the rule of the game today. 2. If you don't understand or have not that much experience trading than I would say that Bitcoins exchanged/traded at Mt.Gox right now is a massive hustle for the majority of people out there. 3. I know the game, and I also know that Mt.Gox rates is manipulated, knowing this all trades that I make are at my own risk.

[rezin777]

If you want to trade this market you should know that 1. Mt.Gox is allowing this kind of act, because anyone can see it happening. Because of this no one cares, in the long run I don't think this is good. But this is the rule of the game today. 2. If you don't understand or have not that much experience trading than I would say that Bitcoins exchanged/traded at Mt.Gox right now is a massive hustle for the majority of people out there. 3. I know the game, and I also know that Mt.Gox rates is manipulated, knowing this all trades that I make are at my own risk.

Exactly, so what's the problem?

I mean, if you are just trying to inform people to save them from "The Manipulator", awesome. But don't you think that's been done already in the other threads?

If so many people think this way, why does MtGox have more volume than all the other exchanges combined? You would think people would leave in flocks to avoid being sheared.

[ineededausername]

Calm down guys, Sibos is tomorrow and we'll be fine in spite of the manipulator.

[NamelessOne]

Was another thread necessary?

How is it unfair? Were you forced to buy or sell your Bitcoins?

Would you like it if MtGox released personal information about you?

Instead of working up a hissy fit over it, how about you out trade "The Manipulator" and beat him at his own game? 

People do, I do, I'd rather not have to, and I'd rather have a market that isn't manipulated in a way that is illegal in the stock market. Bitcoin needs to be taken seriously in order to grow and be accepted on a much wider scale.

[speeder]

Indeed, the manipulation is more dangerous than I thought... Specially now that we have bitcoinica...

I bought lots of BTC at 6, and then that 17k BTC wall appeared along with several massive dumps...

quickly BTC went to near 5, and I got a forced liquidation

[RyNinDaCleM]

Easy and SAFE way to profit:

1.)  Consistently monitor market price at whatever exchange you are on and at mt. gox.
2.)  Go all in at somewhere between 50 cents to $1 under current price.
3.)  Place these bids at psychological barriers + a couple cents (e.g. $5.02, $5.52, $6.02, etc.)
4.)  Wait for someone to dump.
5.)  Watch it pump.
6.)  Now you dump  

Never failed me once.

THIS^^

Been doing this for weeks!
Though, the disappearance of those two $.40 ranges a few hours back kinda caught me off guard!

[fastandfurious]

If you want to trade this market you should know that 1. Mt.Gox is allowing this kind of act, because anyone can see it happening. Because of this no one cares, in the long run I don't think this is good. But this is the rule of the game today. 2. If you don't understand or have not that much experience trading than I would say that Bitcoins exchanged/traded at Mt.Gox right now is a massive hustle for the majority of people out there. 3. I know the game, and I also know that Mt.Gox rates is manipulated, knowing this all trades that I make are at my own risk.

Exactly, so what's the problem?

I mean, if you are just trying to inform people to save them from "The Manipulator", awesome. But don't you think that's been done already in the other threads?

If so many people think this way, why does MtGox have more volume than all the other exchanges combined? You would think people would leave in flocks to avoid being sheared.

Talking about volume, forgot about that. I have just started to trade this market. My conclusion is that most volume is from the bots (beside the volume from the manipulator). Because Mt.Gox is taking at least 0,25 % in fees per trade on each side, that means that the only one that can have active bots is Mt.Gox them self. So the big picture. Most volume are from Mt.Gox, the real volume should be at a much lower level. Money is going back and forward by two groups: Mt.Gox own bots and "the manipulator". Together maybe they have 80-90 % of the volume.

If this is really the case that the big majority of the volume is from this two parts, then Bitcoin shouldn't be trading at 5.70 dollars. More like 2-3 dollars.

[the joint]

Easy and SAFE way to profit:

1.)  Consistently monitor market price at whatever exchange you are on and at mt. gox.
2.)  Go all in at somewhere between 50 cents to $1 under current price.
3.)  Place these bids at psychological barriers + a couple cents (e.g. $5.02, $5.52, $6.02, etc.)
4.)  Wait for someone to dump.
5.)  Watch it pump.
6.)  Now you dump  

Never failed me once.

THIS^^

Been doing this for weeks!
Though, the disappearance of those two $.40 ranges a few hours back kinda caught me off guard!

You know that low of 5.11 today on tradehill?

That was me   

[RyNinDaCleM]

Easy and SAFE way to profit:

1.)  Consistently monitor market price at whatever exchange you are on and at mt. gox.
2.)  Go all in at somewhere between 50 cents to $1 under current price.
3.)  Place these bids at psychological barriers + a couple cents (e.g. $5.02, $5.52, $6.02, etc.)
4.)  Wait for someone to dump.
5.)  Watch it pump.
6.)  Now you dump 

Never failed me once.

THIS^^

Been doing this for weeks!
Though, the disappearance of those two $.40 ranges a few hours back kinda caught me off guard!

You know that low of 5.11 today on tradehill?

That was me   

I was talking about the two on Gox! Went from 5.25ish to 5.60, then again 5min later from 5.40ish to 5.80, or there abouts!

[ThiagoCMC]

Guys,

 I have a simple question:

 1- How to stabilize the price of goods and services ONLY in Bitcoins?!

 I mean, I want to forget about trading and the fucking price of Bitcoins in Dollars, Euros, Reais, etc...

 Or, when the reverse will be a reality? I mean, when the dollar that will have its price in Bitcoins?

Thanks!
Thiago

[Deafboy]

ThiagoCMC, I have been thinking about this since last week. The price will not be based on $ if sellers of products and services are able to directly spend earned bitcoins for they needs (pay electricity, rent for their office, internet/phone bills... in bitcoins). It's a kind of magic circle (It cannot be closed until it's closed ) But we are going offtopic with this...

[the joint]

Guys,

 I have a simple question:

 1- How to stabilize the price of goods and services ONLY in Bitcoins?!

 I mean, I want to forget about trading and the fucking price of Bitcoins in Dollars, Euros, Reais, etc...

 Or, when the reverse will be a reality? I mean, when the dollar that will have its price in Bitcoins?

Thanks!
Thiago

It's dependent on how easily you can live your life with only Bitcoins, and how easily merchants/service providers can live using only Bitcoins.

You need to be able to rent/buy a home with BTC.  You need to make your car payments in BTC.  You need to pay for water, gas, electricity, etc. with BTC.  When you call your plumber, you need to pay him in BTC.  Etc., etc., etc.

And, merchants/service providers need to have enough people paying for their goods/services in BTC.

We're not even close for this to be a reality.  Fiat dominates, plain and simple.  Only when BTC rivals fiat (numerically, not theoretically) will you be able to truly price in BTC without pegging it to fiat.

But, any merchant/service provider is welcome to go ahead and try!!

[Minsc]

When I set a sell order at an amount, it's been around for a while, and then I see a big buy order surpass me by 10 cents and MtGox decides not to have the buy order go to any of the coins I'm selling, I know Gox is doing the manipulation.

[Shinobi]

All this time you spend to make your lunch money could earn you a real salary if you sold trinkets on eBay.

Easy and SAFE way to profit:

1.)  Consistently monitor market price at whatever exchange you are on and at mt. gox.
2.)  Go all in at somewhere between 50 cents to $1 under current price.
3.)  Place these bids at psychological barriers + a couple cents (e.g. $5.02, $5.52, $6.02, etc.)
4.)  Wait for someone to dump.
5.)  Watch it pump.
6.)  Now you dump 

Never failed me once.

THIS^^

Been doing this for weeks!
Though, the disappearance of those two $.40 ranges a few hours back kinda caught me off guard!

You know that low of 5.11 today on tradehill?

That was me   

I was talking about the two on Gox! Went from 5.25ish to 5.60, then again 5min later from 5.40ish to 5.80, or there abouts!